National property values are on the rise, but Rotorua house values have dipped to 8.6 per cent below their 2007 market peak, new figures reveal.
Rotorua property values slipped 0.2 per cent in the 12 months to June to an average price of $268,486, according to state valuer Quotable Value.
Nationally, values increased 8 per cent in the year to June to $476,346, up 15 per cent on the 2007 peak.
According to the latest Real Estate Institute of New Zealand data, the median Rotorua house price in May this year was $242,500.
Anita Martelli, owner of Ray White Rotorua, said a shortage of good quality homes in the $300,000-$400,000 bracket was bringing in multiple offers on some properties.